Malaysian ringgit gains against most currencies but slips versus the dollar

On Wednesday the Malaysian ringgit ended the session stronger against most major currencies, yet it weakened to roughly 4.09 per US dollar. Chief economist Mohd Afzanizam Abdul Rashid of Bank Muamalat Malaysia Bhd noted that the US Dollar Index rose by about 0.42 points, driven by worries about Europe's fiscal trajectory, which also caused the euro to lose around 0.69% versus the dollar. The ringgit appreciated against the Japanese yen, British pound, euro, Singapore dollar and Thai baht, while it slipped slightly against the Philippine peso and Indonesian rupiah.

Throughout the day the ringgit traded within a narrow band against the dollar, hovering between RM4.0840 and RM4.0885 according to the analyst. The movements reflect broader global currency dynamics influenced by European fiscal concerns.